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Northern Rock: Granite

Volume 472: debated on Monday 3 March 2008

To ask the Chancellor of the Exchequer what the size is of the minimum seller share that Northern Rock is required to maintain in the Granite Master Trust. (188960)

To ask the Chancellor of the Exchequer if he will clarify the legal, institutional and financial relationships between Northern Rock and Granite; and if he will make a statement. (188615)

This information is publicly available in the full Granite prospectus on the Northern Rock website.

The prospectus sets out the contractual agreement between Northern Rock and the Granite securitisation vehicle.

Banks and building societies often use securitisation vehicles as a means of financing.

A copy of a letter from the Chancellor of the Exchequer to the hon. Member for Twickenham (Dr. Cable) on 20 February clarifying the relationship between Northern Rock and Granite has been placed in the House Library.